|Tag: Refinance

Love Funding Closes $4.7 Million Refinance for Age-Restricted Community

Victory Centre

Love Funding Closes $4.7 Million Refinance Loan for Age-Restricted Community in Bartlett, Illinois

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $4.7 million loan to be used for the refinance of Victory Centre of Bartlett Senior Apartments, an age-restricted community in Bartlett, Illinois. (more…)

2019-04-02T15:51:45+00:00Love Funding News|

Multifamily Refinances: Which option is best for me?

Are you considering a refinance of your multifamily loan?

If so, you’ve come to the right place! We have taken a look at two of our most popular multifamily refinance options: an interest rate reduction and FHA 223(a)(7). Each product has specific guidelines, but a simple comparison is below. For a more in depth analysis of these programs, click here.

Love Funding is proud to be your FHA finance expert. Please don’t hesitate to contact a member of our team to see if these programs could work for you. (more…)


Rehab and Refinance of Detroit Senior Community

Love Funding closed a $7 million loan for the refinance and rehabilitation of Central Towers Apartments, an affordable senior community in southwest Detroit, Michigan. Central Towers consists of 232 one-bedroom and two-bedroom apartments in two high-rise buildings. All but two of the units are currently covered by a Section 8 housing assistance payment (HAP) to help subsidize rents, and the borrower renewed their Section 8 contract as part of the transaction. The two remaining units are low-income housing tax credits (LIHTC) restricted at 60 percent AMI. (more…)

2018-05-03T20:05:10+00:00Relevant Experience|

Refinancing of Age-Restricted Community

Love Funding Secures $14.4 Million Loan for Refinance of Mixed-Income, Age-Restricted Villa Community in North Richland Hills, TX

Love Funding closed a $14.4 million loan for the refinance and permanent financing of the Villas on Bear Creek, an age-restricted affordable rental community in North Richland Hills, TX. The Villas on Bear Creek offer 240 mixed-income, one- and two-bedroom units located in five three-story elevator buildings. The units are restricted to those 60 years and older, and 180 are affordable. The community is located in North Richland Hills, near Fort Worth, and includes a two-story clubhouse and other amenities. Villas on Bear Creek was constructed in 2000 with the assistance of low-income housing tax credits (LIHTCs). (more…)

2018-05-03T20:04:39+00:00Relevant Experience|

Refinancing of California Affordable Apartments

Love Funding closed three loans totaling $9.61 million for the refinancing of a group of affordable rental communities in California that are backed by low-income housing tax credits (LIHTCs). The three properties being refinanced are Comfrey Senior Apartments and Hudson Bay Apartments in Galt; and Shadowbrook Apartments in Redding. Comfrey Senior Apartments serves mixed-income seniors 55 and older, and Hudson Bay and Shadowbrook offer affordable units. (more…)

2018-04-12T16:24:47+00:00Relevant Experience|

Refinance Loan for Detroit Affordable Housing Community

Love Funding closed an $6.66 million loan for the refinancing and repair of Greenhouse Apartments, an affordable senior living community in Detroit. Greenhouse Apartments offers 208 age-restricted, one-bedroom units and one two-bedroom manager’s unit in a 10-story building. All of the age-restricted units are covered under a Section 8 HAP contract, and all 209 units are restricted under the Low Income Housing Tax Credit (LIHTC) program.

The financing was secured by Love Funding Midwest Regional Director Bruce Gerhart through the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term.

The property was built in 1981 and was substantially renovated in 2008 with financing provided by the HUD 221(d)(4) program in conjunction with an award of low-income housing tax credits (LIHTCs). The current refinancing, which locks in a lower interest rate for a 40-year term, will generate significant debt service savings and fund necessary repairs.

Greenhouse Apartments will remain under the management of KMG Prestige, a firm approved to manage HUD-affiliated communities. The ownership group of KMG has a combined 50 years of experience in the property management industry.

For more information, contact Bruce Gerhart at (216) 583-0812.

2017-11-29T21:39:28+00:00Relevant Experience|
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